During the ongoing takeover struggle for Commerzbank, Deputy CEO Michael Kotzbauer has strongly rejected the proposal put forward by the Italian banking giant UniCredit. While Kotzbauer told the FAZ that the company is not fundamentally against discussions, he stated that UniCredit’s plans, presented over several months, “disassemble the bank for the way it functions for its customers today and do not pay a premium to our shareholders”. He warned that, based on the proposal, shareholders would effectively have to exchange shares at a “discount” within UniCredit. He emphasized that the Commerzbank board has a duty to act in the best interests of its shareholders.
Kotzbauer also heavily criticized UniCredit’s public communications, calling them “hostile conduct” and accusing the bank of making misleading representations, which Commerzbank has formally repudiated. He argued that customer interests were not being adequately considered, adding, “However, customers are the foundation of a bank’s existence”.
Looking at the operational side, Kotzbauer stated that the Commerzbank’s position within the corporate client segment remains stable. He described the bank’s loan book as “resilient” even given the generally difficult economic environment.
Regarding the bank’s future plans, Kotzbauer announced that Commerzbank intends to present its quarterly figures and an updated strategy on May 8th, detailing clear goals through 2030.